Senate Passes Rep. Good’s Resolution to Stop President Biden’s Student Loan Transfer Scheme

WASHINGTON, D.C. - Today, the Senate voted to pass the Joint Resolution of Disapproval under the Congressional Review Act (CRA) to overturn President Biden's unlawful student loan transfer scheme. Congressman Bob Good (VA-05) and Senator Bill Cassidy (LA) led the effort on the legislation which passed the House two weeks ago with bipartisan support and today by a Senate vote of 52 to 46.

"I am pleased that my Republican colleagues in the Senate supported Sen. Cassidy and my efforts to overturn President Biden's unlawful and unfair student loan transfer scheme," said Good. "I am proud to have led the House fight against President Biden's reckless, unilateral, and unconstitutional action that would penalize those who worked hard to pay off their loans or who never took them out in the first place. The President should reverse course, and do the right thing by signing this legislation as it heads to his desk."

Read more about the legislation exclusively on The Daily Caller.

The CRA is Rep. Good's first legislation to pass the House and Senate floor in the 118th Congress. It now heads to President Biden for consideration.

Background:

• The student loan transfer scheme is estimated to costtaxpayers between $315 billion and $980 billion over the next 10 years.

• This expense is on top of an estimated $195 billion cost from the repayment pause in place from March 2020 through the summer of 2023, and the $230 billion for the new Income-Driven Repayment Plan.

• Across the country, more than 92% of all student loan debt comes from federal loans - totaling over $1.6 trillion. This debt is only held by approximately 13% of the population.